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Land and Development
 6 Months Ended
Jun. 30, 2020
Land And Development [Abstract]  
Land and Development Land and Development
The Company's land and development assets were comprised of the following ($ in thousands):
As of
June 30,December 31,
20202019
Land and land development, at cost$514,649  $590,153  
Less: accumulated depreciation(10,072) (9,608) 
Total land and development, net$504,577  $580,545  
Acquisitions—During the six months ended June 30, 2019, the Company acquired a land and development asset from an unconsolidated entity in which the Company owned a noncontrolling 50% equity interest for $34.3 million, which consisted of a $7.3 million cash payment and the assumption of a $27.0 million loan.

Dispositions—During the six months ended June 30, 2020 and 2019, the Company sold land parcels and residential lots and units and recognized land development revenue of $95.8 million and $21.8 million, respectively. During the six months ended June 30, 2020 and 2019, the Company recognized land development cost of sales of $93.3 million and $23.7 million, respectively, from its land and development portfolio.

Impairments—During the six months ended June 30, 2020, the Company recorded an impairment of $1.5 million on a land and development asset.